Henderson on the prowl for acquisitions in Italy

Henderson Global Investors is actively looking for new acquisitions in Italy after having focused on asset management for the past five years.

Speaking to PropertyEU during the MIPIM trade fair in Cannes, Henderson’s recently appointed head of Italy, Mario Pellò said that the company is on the prowl for retail acquisitions as the country's investment market starts to thaw out. ‘However,’ Pellò said, ‘at the moment the problem is the limited availability of product.’

With around €1.1 bn of assets under management, Henderson Global Investors' Italian business is based in Milan and largely comprises retail properties managed for funds of Warburg Henderson as well as Henderson's Herald retail fund. In addition, the company recently scooped a mandate to advise the Italian pension fund for journalists INPGI on European investment opportunities.

The mandate is part of Henderson’s commercial agreement with Italian fund manager Investire Immobiliare sgr regarding the development and distribution of property funds targeting European real estate. As part of the agreement, Henderson will be responsible, as advisor of Investire Immobiliare and Polaris, for identifying and acquiring investment opportunities outside of Italy on behalf of INPGI’s €1. bn Giovanni Amendola fund.

Giovanni Amendola will likely target investments in Europe’s core markets such as Germany, France, the Netherlands and UK, according to Pellò. ‘The vehicle consists of two sub-funds, with a different risk profile. Comparto I, which is core, will be retained, while the smaller Comparto II, which has a core-plus profile, will be gradually divested,’ he said.

Proceeds from the sale will be partially reinvested abroad, in line with INPGI’s strategy to diversify its Italian real estate portfolio. ‘We expect the first European acquisition to be carried out at end-2014 or early 2015,’ he added.